Land And Building Regulation: Methods of Ownership Flashcards
Define Zoning
A set of regulations for the uses of land, implemented to serve the interest of society as a whole. (Kaplan, PP, 175-176)
Land use regulation
Codified in several forms between federal codes, privately conveyed covenants to publicly administered zoning laws.
Joint tenancy
When two or more people enter into an ownership, each shared tenant has a right to the place. The property isn’t split
Example is married couple, both own it and if is deceased the other is responsible for all the decision of property
Ownership
Legal possession of property such as land and buildings, giving them the right to uses the property as they see fit within certain restrictions, zoning
Partnership
Land is owned by a group, but upon the death of one of the partners the partnership may be dissolved and assets go to the surviving partner along with estate
Corporation
A legal entity with rights and liabilities independent of those of its shareholders. If shareholder dies the ownership passes to his heirs and corporation remains unchanged
Trustee
An ownership type who holds property in his own name for the benefit of another person or group for whom he acts. Trustee is charged by law to act on behalf of person or group and protect his or her interest
Fee Simple or Fee Absolute
Owner has absolute title or ownership which he can transfer by sale or bequest
Condominium
An old form of ownership that obtains a fee simple ownership of a portion of a structure, typically a residential apartment
Cooperative
The person owns a share of stock in a corporation that in turn owns the land and structure.
-Owner of the share is able to occupy the stated portion of the structure on the property. But entire property is still owned by the corporation.
The owner of a cooperative does not legally own a specific piece of physical property, the buyer is typically an insurance company or pension fund.
Sale-an Leaseback
a special form of leasehold,
in which the owner of a piece of commercial
or industrial property recovers the capital
invested in the property, but at the same time
retains the use of the property.
Leasehold
a leasehold has even more restrictive real estate. The lessee is granted, has the right to a piece of property under certain conditions
Plat
A document that legally describes a subdivided piece of property, area on land area, streets, etc.
KEYWORD: “Subdivided”
Deed Restrictions
A legal clause that places limitations or restrictions on the use of the property.
